Just before the network’s auctions initial batch of parachain slots. spaces, Polkadot co-founder Gavin Wood announced an 18.9 million DOT ($777 million) development fund.
Using information from the Polkadot website, here is an overview of Polkadot:
Polkadot is a network protocol that enables the transport of any data, not simply coins, across blockchains. Polkadot is therefore a genuine multi-chain application environment, allowing for things like cross-chain registries and cross-chain processing. Polkadot can move data between public, open, permissionless blockchains and private, permissioned blockchains.
This enables the development of apps that retrieve permissioned data from a private blockchain and utilise it on a public blockchain. A private, permissioned academic records chain at a school, for example, may communicate a proof to a degree-verification smart contract on a public chain.
Polkadot “unites a network of disparate blockchains known as parachains and parathreads.” These chains “are connected to and safeguarded by the Polkadot Relay Chain,” and they may “also link with external networks through bridges.”
Polkadot’s treasury has given more than 18.9 million DOT (valued over $777 million at the time) to a development fund that will be dispersed through community governance, according to a tweet published last Sunday (October 17). Wood stated that the funds will be used towards “growing, developing, and educating” the Polkadot community, as well as anything else that would benefit Polkadot and its ecology.
Polkadot’s treasury money, according to Cointelegraph, can be spent if allowed by the governing council, which votes on suggestions put forth by the community. The Polkadot council now has 13 independent members, with intentions to increase to 24 in the future.
While prior governance elections have elicited a tepid reaction from the community, Wood’s promise of over a billion dollars in investment may be the key to elicit increased participation.
The first set of parachain slot auctions is planned to begin on November 11.